Auto Club: Gas Prices Sharply Higher

(LOS ANGELES, January 13, 2006) — Gasoline prices spiked this week across Southern California as speculators continued to bid up the price of gas, expecting that prices will rise even higher, according to the Automobile Club of Southern California's Weekend Gas Watch.

The average price of self-serve regular gasoline in the Los Angeles–Long Beach area is $2.404, which is 16.6 cents higher than last week, 10 cents higher than last month and 44 cents higher than last year. In San Diego, the price is $2.456 — 14.1 cents above last week's price, 12 cents above last month and 46 cents above last year. On the Central Coast, the average price is $2.561, up 15.1 cents from last week, 11 cents higher than last month and 45 cents higher than last year. In the Inland Empire, the average price is $2.423, up 14 cents from last week, 9 cents above last month and 45 cents higher than last year.

"Prices are rising primarily on speculation of investors who believe that prices will continue rising over the next few weeks," Auto Club spokesperson Carol Thorp said. "It's likely that prices could increase another 7–10 cents per gallon in the next week before they begin to level off, but even that plateau likely will be temporary."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Jan. 13:

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The Automobile Club of Southern California is a member club affiliated with the American Automobile Association (AAA) national federation and serves members in the following California counties: Inyo, Imperial, Kern, Los Angeles, Mono, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, Tulare, and Ventura.